Silicon Labs Announces Second Quarter 2016 Results

Webcast and Conference Call

A conference call discussing the quarterly results will follow this press release at 7:30 a.m. Central time. An audio webcast will be available on Silicon Labs' website ( www.silabs.com) under Investor Relations. A replay will be available after the call at the same website listed above or by calling 1 (855) 859-2056 or (404) 537-3406 (international) and entering conference ID 83472104. The replay will be available through August 27, 2016.

About Silicon Labs

Silicon Labs (NASDAQ: SLAB) is a leading provider of silicon, software and solutions for the Internet of Things, Infrastructure, industrial automation, consumer and automotive markets. We solve the electronics industry’s toughest problems, providing customers with significant advantages in performance, energy savings, connectivity and design simplicity. Backed by our world-class engineering teams with strong software and mixed-signal design expertise, Silicon Labs empowers developers with the tools and technologies they need to advance quickly and easily from initial idea to final product. www.silabs.com

Forward-Looking Statements

This press release contains forward-looking statements based on Silicon Labs' current expectations. The words "believe," "estimate," "expect," "intend," "anticipate," "plan," "project," "will" and similar phrases as they relate to Silicon Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that Silicon Labs may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; dependence on a limited number of products and customers; intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing our distributors, manufacturers and subcontractors; inventory-related risks; difficulties managing international activities; risks that Silicon Labs may not be able to manage strains associated with its growth; credit risks associated with our accounts receivable; dependence on key personnel; stock price volatility; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Labs' business and results of operations to risks of natural disasters, epidemics, war and political unrest; debt-related risks; capital-raising risks; the competitive and cyclical nature of the semiconductor industry; average selling prices of products may decrease significantly and rapidly; information technology risks; cyber-attacks against our products and our networks; conflict mineral risks and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. Silicon Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. References in this press release to Silicon Labs shall mean Silicon Laboratories Inc.

Note to editors: Silicon Laboratories, Silicon Labs, the “S” symbol, and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.

         
Silicon Laboratories Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
 
Three Months Ended Six Months Ended

July 2,
2016

   

July 4,
2015

July 2,
2016

   

July 4,
2015

Revenues $ 174,908 $ 164,856 $ 336,933 $ 328,561
Cost of revenues   66,614     67,428     133,108     134,764  
Gross margin 108,294 97,428 203,825 193,797
Operating expenses:
Research and development 51,635 47,465 100,681 94,322
Selling, general and administrative   39,045     40,960     78,682     83,260  
Operating expenses   90,680     88,425     179,363     177,582  
Operating income 17,614 9,003 24,462 16,215
Other income (expense):
Interest income 278 166 549 358
Interest expense (641 ) (728 ) (1,296 ) (1,473 )
Other, net   18     90     (373 )   498  
Income before income taxes 17,269 8,531 23,342 15,598
Provision for income taxes   1,710     956     1,975     1,645  
 

Net income

$ 15,559   $ 7,575   $ 21,367   $ 13,953  
 
Earnings per share:
Basic $ 0.37 $ 0.18 $ 0.51 $ 0.33
Diluted $ 0.37 $ 0.17 $ 0.51 $ 0.32
 
Weighted-average common shares outstanding:
Basic 41,775 42,823 41,702 42,617
Diluted 42,284 43,461 42,242 43,305
 
     

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share data)

   

Non-GAAP Income
Statement Items

Three Months Ended

July 2, 2016

GAAP
Measure

   

GAAP
Percent
of Revenue

   

Stock
Compensation
Expense

   

Intangible
Asset
Amortization

   

Termination
Costs

   

Non-
GAAP
Measure

   

Non-GAAP
Percent of
Revenue

Revenues $ 174,908
 
Gross margin 108,294 61.9 % $ 269 $ 389 $ -- $ 108,952 62.3 %
 
Research and

development

51,635 29.5 % 5,205 5,616 236

40,578

23.2 %
 
Selling, general and

administrative

39,045

22.3

%

5,044 1,419 63

32,519

18.6 %
 
Operating income 17,614 10.1 % 10,518 7,424 299 35,855 20.5 %
 
                                 

Non-GAAP
Earnings Per Share

Three Months Ended

July 2, 2016

GAAP
Measure

Stock
Compensation
Expense*

Intangible
Asset
Amortization*

Termination
Costs*

Income Tax
Adjustments

Non-
GAAP
Measure

Net income $ 15,559 $ 10,518 $ 7,424 $ 299 $ (2,046 ) $ 31,754
 
Diluted shares

outstanding

42,284

42,284

 
Diluted earnings

per share

$ 0.37

$

0.75

 

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